The new funding will be focused on expansion efforts and growing iSTOX’s investment offerings. Singapore-headquartered digital securities platform iSTOX has closed its Series A fundraise at US$50 million, the company announced in a statement yesterday. With the close, the company welcomes four [...]
Hong Kong, 17 April 2019 – EverCarat, the first global diamond-trading platform powered by blockchain and exchange technology, has formed a strategic partnership with Fulbright Bullion, to provide top-grade diamonds to its high-net-worth clients, enhancing both diversification and wealth protection in their portfolios.
Developed by AssetOnChain, a member of the Hong Kong Science and Technology Park Corporation’s Incu-Tech Programme, EverCarat is a blockchain-backed, fully digital trading platform for physically-settled diamonds. It matches sellers and buyers across the globe to trade diamonds with a transparent and secure bid/ask price year-round.
Fulbright Bullion is an approved Broker Member of the Singapore Diamond Investment Exchange (SDiX), providing its customers diamond transaction service to rival gold as a safe-haven alternative for wealth protection especially during periods of high market volatility. Through EverCarat platform, customers can view their diamond holdings, both digitally and physically, at the secured vaulting facility in Hong Kong.
Zulu Sureshkumar Ghevriya, Founding Member of the HK Indian Diamond Association, said: “With EverCarat’s blockchain technology, the entire journey from suppliers, through GIA’s double verification and sealing, physical custody to delivery is now unprecedentedly transparent and key to building public trust in investment in diamonds.”
Mr. Rico Tang, Founder and CEO of AssetOnChain, said: “Hong Kong’s simple tax system and mature financial infrastructure allow dealers to trade diamonds at a lower cost. At the same time, our blockchain-powered trading platform provides improved price transparency, market liquidity and trust. The partnership with institutional investors, such as Fulbright Bullion, represents a big step forward in transforming diamond into a new asset class.”
EverCarat allows investors and dealers to take advantage of the immense opportunity offered by investing and trading in diamonds. The global trading volume of polished diamonds has reached USD25 billion. In 2017, demand from the China market (including Hong Kong and Macau) made it the second-largest market in the world, further consolidating its status as a trading centre for diamonds.
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About AssetOnChain Technology
AssetOnChain is a fast-growing FinTech company which seeks to unlock illiquid commodities and products as new asset classes by integrating blockchain technology and the exchange system. Developed by AssetOnChain, EverCarat is the first blockchain-backed fully digital trading platform for physically-settled diamonds that connects sellers and buyers across the globe, so they can trade diamonds as easily as they can trade any other traditional assets such as gold, currencies or stock.
The founders of AssetOnChain include former senior executives from Reuters, Samsung as well as Exchange Operators in China and Hong Kong. The team has a proven track record in Asia Pacific founded on its deep understanding and knowledge of financial technologies, and the operation of both exchanges and mobile internet ecosystems.
About Fulbright Bullion
Established in 2008, Fulbright Bullion Limited is a bullion group member of The Chinese Gold & Silver Exchange (CGSE) with the membership number (Type AA License 239) and an accredited gold refinery. With stringent internal control, it provides physical gold bar and diamond transaction services to its customers. Since 2017, Fulbright Bullion is an approved Broker Member of Singapore Diamond Investment Exchange (SDix). Investment-grade diamonds’ high preservation value, low volatility and low correlation with other asset classes make them an ideal asset allocation tool.
Tel: 852-3468 6989
Email: [email protected]